Chloé Daniels, a money coach and the founder of Clo Bare, was able to refocus and scale her business after narrowly escaping burnout.

Chloé Daniels is a money coach who sells a course that makes her thousands a month.
She says scaling her business required hiring outside help and building a sales funnel.
She also says focusing on one product rather than several has been crucial to her success.

When I left my job as a consultant in October 2021, I’d never made more than $5,000 per month from my business.

In fact, when I made a plan to leave my 9-to-5, I had an honest conversation with myself about whether or not I was okay with the possibility of only making $60,000 per year as a money coach — less than half what I was paid at my consulting gig.

And my answer? Absolutely.

As a 31-year-old millennial who graduated college with around $80,000 of debt for a degree in English and Spanish, I never would’ve dreamed I’d be able to someday consider taking a pay cut to quit my job and go full-time with my business. In fact, prior to 2018, I was still living paycheck to paycheck, knew nothing about investing, and assumed I’d work the rest of my life.

You see, I grew up believing I was just “bad with money,” like it was some character flaw you were either born with or without. I’d seen my parents struggle with credit-card debt, furloughs during the Great Recession, and the unending stress of living paycheck to paycheck while raising five kids. I thought struggle was normal, especially when it came to money.

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I started working at the age of 9 to have a little spending money and hoped I’d someday do better, but money always burned a hole in my pocket, no matter what I did.

I kept telling myself that if I just had more of it, things would be fine.

Spoiler alert: No matter how much money I made, it never fixed the problem of my overspending.

It wasn’t until 2018, after spending most of my 20s without an emergency fund, overspending, not investing, and thinking I’d die with student-loan debt, that I decided it was time for a change.

I started learning about the debt-free community, which led me to the F.I.R.E. (financial independence, retire early) community. Eventually I thought, Why not me? Why not at least try?

Well, I’m glad I did.

I now know the peace of financial flexibility and a retirement savings that I’ve already invested enough in to have millions by the time I retire, even if I don’t invest another dollar — but it also led me to something I never expected.

I started writing about budgeting and investing online, which led me to creating content on Instagram and TikTok, which led me to become who I am now: a multisix-figure business owner.

But this time last year?

I was just excited to even be able to consider quitting my job to pursue …read more

Source:: Business Insider

      

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